5 basic things that average Nigerians spend their monthly income on

Posted by Felix Okoli on Wednesday August 19, 2015 at 9:22:50:

After the salary has been paid or income earned, the next step is deciding what to spend it on. No doubt man’s needs are insatiable, but there are basic things that the average Nigerian spends his money on.

Food
This is the number one need of every human being and not just a Nigerian. For some people it is a norm that every time they collect their monthly income, they walk straight to the market and get the necessary food items for the month. Some decide to save money by buying food items in bulk to get wholesale discounts rather than buying them. More Nigerians spend money on food stuffs which require additional preparation before eating than on finished foods. Food stuffs like garri, rice, plantain, yams, beans and groceries are among the most commonly purchased.

Transport
This is especially for those who work at quite a distance from heir house. In he course of going to work, probably daily, they can either board commercial vehicles or take a private car. In both cases, they will have to pay for transport in order to get to their destination.

Pay TV
Recently in Nigeria, almost everybody and every house is subscribed to one Cable satellite TV service or the other. Yes Nigerians now pay to watch certain TV channels. These subscriptions are usually done monthly. Therefore at the end of every month, for those who are subscribed, they would have to take out money and renew their subscription.

Utility bills
This is necessary in Nigeria and it can be for things like electricity or water. If you to come back home and find "light" you have to ensure your "NEPA bills" are settled. Nigerians also pay for water to the government base on rates or by purchasing it from packaged water producers.

Housing
This can be for rent or savings towards a home. The average Nigerian who doesn't own a home yet plans for his future by setting aside part of the monthly income for rent and/or for acquiring his own home. For those who already own homes and are landlords, they may also set aside some income for payment of government taxes on their homes such as fro land user charge, tenement rate and others. The landlord would also use his income to make repairs and maintenance work on the house when necessarily.